The addition of XLM was a result of “overwhelming demand” from customers. Stellar Lumens joins a very selective list that includes Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH). Revolut’s Head of Crypto, Ed Cooper, said of the listing,
Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our crypto product.
Revolut has been ramping up its expansion efforts, having launched in the United States in March 2020. It partnered with Paxos to offer crypto banking services to its US customers, and offers customers from all states except Tennessee trading services.
One important aspect of the Revolut app is that users cannot transfer their crypto assets to wallets outside of the app. However, as Cooper said, the firm is working on refining its product to meet users’ demands. Despite the limitation, Revolut has reported good growth, revealing in May that the COVID-19 pandemic had spurred a 68% increase in retail investment.